SINGAPORE — Mastercard has begun routing some international payments through stablecoins after linking its network with Singapore-based payments firm Thunes, a move that puts digital tokens directly into one of the world’s most used financial systems.
The company said transfers using USD Coin (USDC), a cryptocurrency backed one-for-one by the US dollar, can now reach approved digital wallets connected to Mastercard Move, its cross-border settlement platform.
Stablecoin Deal Added to Mastercard Move
Thunes converts the sender’s local currency into USDC and transfers the tokens to the recipient’s wallet.
Unlike traditional bank transfers that are settled through a chain of intermediaries, blockchain-based transfer is settled in near real-time.
Mastercard said the system maintains all compliance checks (identity verification, sanctions screening and anti-money laundering checks) before transactions are approved.
That means the new feature works within existing financial rules, not around them.
Why Mastercard chose Thunes
Thunes connects banks and wallet providers in over 130 countries and already processes payments for leading marketplace and remittance companies.
Its reach in Africa, Southeast Asia and Latin America gives Mastercard access to millions of wallets that are not linked to banks but are licensed by regulators.
People in those regions often rely on wallet apps for income transfers or remittances.
The Thunes integration allows Mastercard to move money directly into those channels without using crypto exchanges or unregulated intermediaries.
Visa performs a similar test
A day before Mastercard launched, Visa began testing stablecoin payments on its Visa Direct platform.
Both card networks are using blockchain as a settlement tool for the first time, rather than relying exclusively on correspondent banking or SWIFT transfers.
Together they settle approximately $20 trillion in transactions annually.
Its adoption of USDC and other regulated tokens indicates that stablecoins are moving from crypto exchanges to mainstream payments infrastructure.
Faster payments for global platforms
The feature is designed for businesses that transfer money to contractors or vendors in multiple countries, including gig apps, e-commerce companies, and creative platforms.
A worker in Manila or a supplier in Nairobi could now receive USDC in a matter of minutes instead of waiting several days for a bank transfer to clear.
Transfers also avoid the accumulated fees charged by intermediary banks.
Wallet providers working with Thunes can convert stablecoins into local currency for users who prefer cash withdrawal options.
Strictly controlled implementation
Mastercard said the service will gradually expand during 2026.
The new wallet brokers will only go live after approval by regulators in each country and proof that stablecoin reserves are fully audited.
Thunes said tests are already underway for routes in Kenya, Nigeria, Brazil and Mexico, markets where it already processes high volumes of remittances.
The companies expect the first of those transfers to take place in early 2026.
Pressure on traditional payment networks
By using blockchain as a settlement layer, Visa and Mastercard are eliminating parts of the clearing process that keep cross-border payments slow and expensive.
Banks that rely on SWIFT may face pressure to match that speed.
Meanwhile, stablecoin issuers gain a route to regulated finance without the volatility of open crypto markets.
Both companies said future upgrades will depend on regulatory approval and market demand, not unverified expansion schedules.
Also read: Sam Altman’s Global Network in Talks with Visa for Stablecoin Wallet Integration